Andersen Tax, founded in 2002 by 23 former public accounting firm partners, is one of the largest independent tax firms in the United States, providing a wide range of tax, valuation, financial advisory and related consulting services to individual and corporate clients across the country. As an independent advisory firm that is not affiliated with an auditing firm, WTAS is not restricted in its ability to provide a full range of tax advisory services to businesses. On September 2, 2014 WTAS changed its name to Andersen Tax. The firm has over 700 personnel located in 17 major U.S cities and has an international presence in Europe through WTAS Global. In July 2002, in the wake of Arthur Andersens demise, Andersen announced that HSBC USA, Inc., through a new subsidiary, Wealth and Tax Advisory Services USA Inc. (WTAS), would purchase a portion of Andersens tax practice. The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals. On December 31, 2007, HSBC USA Inc. sold Wealth & Tax Advisory Services USA Inc. (‘WTAS’) to participating WTAS managing directors in a management buy-out. In consideration for the sale, HSBC would receive US $5 million in cash and deferred notes with a principal amount totaling US $60.85 million.